This year's Final Four was the closest the tournament came to having all four top seeds advance to the semifinals until all four did advance in the 2008 tournament. Indiana University was the only top seed not to make it out of its regional; it was defeated by the 2-seed, the University of Kansas, in the Midwest regional finals. This tournament is also notable for the uneven distribution of first-round upsets. While there were no upsets in the East, one 'minor' upset in the Midwest (9th seed Xavier defeated 8th seed New Orleans), and one 'medium' upset in the Southeast (11th seed Tulane beat 6th seed Kansas State), the West featured three remarkable upsets amongst the top 5 seeds, with a 12, a 13, and a 15-seed advancing to the second round in that region. At the time, 15-seed Santa Clara's victory over 2-seed Arizona was only the second such upset, and following the 2013 tournament, is one of only seven times that a 15-seed defeated a 2-seed since the tournament field expanded to 64 teams.

* Michigan's entire 1992-93 schedule results were vacated, on November 7, 2002, as part of the settlement of the University of Michigan basketball scandal. Unlike forfeiture, a vacated game does not result in the other school being credited with a win, only with Michigan removing the wins from its own record.